"Go to source" for learning how to analyze a buy and hold investment?
Hi all. I'm hoping some of the more experienced members here could maybe make some suggestions or point me in the right direction. I'm looking to educate myself more thoroughly on how to analyze a potential long term buy/hold to determine if it makes sense as a good investment and I'd like to know what your favorite books, courses, BP posts etc... are for learning how to do this.
I know a lot more than the average beginner, but still need to better understand how to calculate and consider things like cap rates, capital expenditures, vacancy rates etc... to make sure my opportunity and plan are viable. Is there a "best" book or comprehensive resource anyone cares to recommend that really covers this stuff in a easily digestible way?
To provide a little more information:
I have found a small and somewhat undervalued, undeveloped parcel of land in an area of my city that commands very high rents. I have negotiated the price down with the seller who is also willing to hold a private 24 month note for the purchase. I'm checking the existing survey and talking with my zoning dept. to see what my exact building options are.
I plan to possibly build at least one, or possibly 2 duplexes (maybe modular construction for time and cost savings) on this parcel. Each unit will be 1500-1800 sq. ft., 3 beds/2baths with open floor plans and nice fixtures and finishes. My wife and I will live in one side as a primary residence and rent + hold long term the other side as an investment for its cash flow and appreciation. The plan would be to sell the side we are living in after 24 months to avoid capital gains taxes...then rinse and repeat in a different high rent area.
Any advice from the many wise members here is greatly appreciated...
Thanks a lot!